I've had a 93 Mark (2-1-2 piping) and now a 96 LSC (true dual exhaust stock) and both of them got the "removed mufflers" treatment. On the 93 i removed the resonator, the LSC doesn't have one stock. The muffler shop welded in place straight pipe.
Not much drone, and it really isn't too loud at all, it has a mature V8 sound. It doesn't sound raspy or "raw", it sounds more deep and mellow even when you get on it. I always get compliments from friends and some others as well on the sound.
Performance wise i've seen pretty much nothing from doing this, in case you were wondering. I've never been pulled over either and my area is suburban with ALOT of Police Officers.